Nigeria’s Federal Inland Revenue Service (FIRS) has dropped tax evasion charges against Binance Financial Crime Compliance Head Tigran Gambaryan and Africa Business Director Nadeem Anjarwalla.
Despite this, the two executives are defendants in a money laundering case filed by Nigeria’s Economic and Financial Crimes Commission (EFCC).
Nigeria’s Federal Inland Revenue Service (FIRS) has dropped tax evasion charges against Binance’s head of financial crime compliance, Tigran Gambaryan, and the exchange’s director of Africa operations, Nadeem Anjarwalla, according to a tweet by Nigerian journalist Alexander Onukwue.
Free from prosecution but still faces money laundering charges
At the end of March, Nigeria’s Federal Inland Revenue Service (FIRS) filed four charges of tax evasion against cryptocurrency exchange Binance, naming Tigran Gambaryan and Nadeem Anjarwalla as the second and third defendants in the case. Notably, these charges were filed on the same day that Anjarwalla escaped from the custody of the Nigerian Economic and Financial Crimes Commission (EFCC).
Gambaryan and Anjarwalla have been detained since February for negotiating with the Nigerian government, during which their passports and travel documents were confiscated. Anjarwalla managed to escape from prison during Ramadan, while Gambaryan was transferred to Kuje Prison in Bhuja, where he has been held ever since.
The Federal Inland Revenue Service (FIRS) of Nigeria filed tax evasion charges against Binance and its executives for failing to register with the FIRS and pay taxes on taxable services, failing to deduct value-added tax (VAT) from cryptocurrency transactions on the platform, failing to use VAT invoices to ensure that users pay taxes, and aiding and abetting users in tax evasion, which were found to be violations of Nigeria’s tax regulations.
Although Gambaryan and Anjarwalla no longer face prosecution for tax evasion, Gambaryan is currently in the custody of Nigerian authorities and does not have to appear in court for the tax evasion case, as Binance has become the sole defendant in the tax evasion case. However, the two executives will still face money laundering charges filed by the Nigerian Economic and Financial Crimes Commission (EFCC).
Dispute between Nigeria and Binance continues to escalate
Looking back at the incident, the story between Binance and Nigeria began with the sharp depreciation of the naira against the US dollar. Nigeria accused the Binance platform of being used by traders for market manipulation and currency speculation, which was believed to have exacerbated the country's foreign exchange crisis and caused the naira to depreciate sharply against the US dollar.
Richard Teng, CEO of Binance, revealed that Nigerian government officials had asked him for a $150 million bribe in exchange for withdrawing criminal charges against Binance. However, Nigeria denied this, saying that this was a strategy by Teng to divert attention and that it was an attempt at extortion.
U.S. lawmakers have also weighed in on the dispute, asking the Nigerian president to ensure the release of Binance executives based on their health.
This series of events has made the relationship between Nigeria and Binance increasingly tense. The legal battle and political game between the two sides are still continuing, becoming the focus of international attention. #尼日利亚 #币安 #逃税指控
Conclusion:
Nigeria's withdrawal of tax evasion charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla has brought temporary relief to the cross-border legal dispute. However, Gambaryan and Anjarwalla still face close scrutiny from the EFCC as the money laundering case continues. The dispute between Nigeria and Binance not only highlights the regulatory challenges facing the cryptocurrency industry worldwide, but also reflects the complexity of international legal cooperation and diplomatic relations.
At the same time, Binance CEO Richard Teng's allegations of bribery and the Nigerian government's denial further exacerbated tensions between the two sides. The attention and intervention of US lawmakers in this matter shows the international community's concern about legal human rights issues in the cryptocurrency field.
As global regulation of cryptocurrencies continues to strengthen, the dispute between Nigeria and Binance may set a precedent for other countries to deal with similar issues. This requires enhanced communication and cooperation between cryptocurrency exchanges, regulators, and legislators to jointly find solutions to promote innovation, protect consumer rights, and maintain financial market stability. In short, this incident also reminds all participants in the cryptocurrency industry that they must raise awareness of compliance to adapt to the increasingly stringent international regulatory environment.